Psaltry International Company, a leading cassava processing enterprise based in Iseyin Local Government Area, Oyo State, has supported local farmers with over 600 million cassava stems and agricultural loans. The company emphasized its ongoing commitment to promoting a sustainable agribusiness environment that will provide long-term benefits for cassava farmers and the surrounding communities.
The company revealed that through its various support initiatives, out-grower farmers have gained access to cassava stems, loans, and other agricultural resources. This was shared by the CEO, Yemisi Iranloye, in a statement issued by her Special Adviser on Special Duties in Ibadan, the state capital, on Saturday.
Responding to a report criticizing the company for delayed payments to farmers, Iranloye clarified that no such delays had occurred. She explained that payments have always adhered to a structured plan, which aligns with a long-standing memorandum of understanding established years ago. “The company purchases over ₦1 billion worth of cassava annually from three key supplier groups,” she stated, dismissing the report as the work of “mischief-makers.” Iranloye reaffirmed that the company’s focus has always been on making a positive impact on the communities it serves.
She outlined the company’s approach to sourcing cassava, explaining that they procure it from out-grower farmers whom they pre-finance, from traders in remote areas, and from independent traders they have previously trained. This ensures that farmers in even the most remote locations are included in the supply chain. Iranloye added that over 600 million cassava stems, herbicides, and agricultural loans have been distributed to these farmers.
Furthermore, the CEO stressed that all business transactions are based on mutual agreements, with both parties clear on payment and delivery terms. To enhance transparency, the company has pledged to regularly publish impact reports, providing insights into its ongoing community initiatives and contributions to the agribusiness sector. These reports aim to maintain open communication with stakeholders and continue driving shared growth and sustainability.
